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Livermore
Livermore
ZHEN

RF&L Wealth Management, LLC

SEC CIK
0001965915
Latest filing
Jul 22, 2026

The latest 13F from RF&L Wealth Management, LLC covers Q2 2026 (filed Jul 22, 2026): 50 long positions worth $147.8M. The top 10 holdings make up 65.2% of the portfolio, and the largest is Dimensional U.S. Targeted Value ETF at 13.7%. Livermore has 15 filings on Form 13F from this institution, going back to Q4 2022.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$439.4K
Added
7
Est. +$1.17M
Reduced
31
Est. −$1.34M
Sold out
4
Est. −$1.40M

Top 5 holdings

Share of this quarter's portfolio value

  1. Dimensional U.S. Targeted Value ETF25434V609
    13.7%$20.2M
  2. Dimensional U.S. Core Equity 2 ETF25434V708
    8.5%$12.5M
  3. Dimensional ETF Trust25434V401
    8.1%$11.9M
  4. Dimensional ETF Trust25434V724
    7.4%$10.9M
  5. Vanguard Short-Term Bond ETF921937827
    6.5%$9.68M

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Short-Term Bond ETF921937827
    +$646.3KAdded
  2. Vanguard Morningstar Growth ETF922908736
    +$230.0KNew
  3. Vanguard Ftse All-World Ex-US Index Fund922042775
    +$209.4KNew
  4. Vanguard S&P 500 ETF922908363
    +$208.1KAdded
  5. iShares Tr464287150
    +$183.0KAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Vanguard S&P 500 ETF922908363
    +0.30 pp4.0% → 4.3%
  2. iShares Tr464287150
    +0.25 pp3.1% → 3.3%
  3. Dimensional U.S. Small Cap ETF25434V500
    +0.23 pp4.8% → 5.1%
  4. Vanguard Morningstar Growth ETF922908736
    +0.16 pp0.0% → 0.2%
  5. Vanguard Ftse All-World Ex-US Index Fund922042775
    +0.14 pp0.0% → 0.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Fidelity MSCI Information Technology Index ETF316092808
    −$438.6KSold out
  2. Vanguard World FD921910840
    −$423.5KSold out
  3. DBX ETF Tr233051143
    −$279.7KSold out
  4. First Tr Exchange-Traded FD33734X176
    −$258.2KSold out
  5. Vanguard Morningstar Total Stock Market ETF922908769
    −$218.3KReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Dimensional ETF Trust25434V807
    −0.43 pp5.1% → 4.6%
  2. Fidelity MSCI Information Technology Index ETF316092808
    −0.33 pp0.3% → 0.0%
  3. Vanguard World FD921910840
    −0.32 pp0.3% → 0.0%
  4. Schwab Fundamental International Small Equity ETF808524748
    −0.22 pp3.7% → 3.5%
  5. DBX ETF Tr233051143
    −0.21 pp0.2% → 0.0%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$147.8M
+$14.2M (+10.7%) vs. prior quarter
Positions
50
−2 vs. prior quarter
Top 10 concentration
65.2%
Top 10 as share of value
Turnover
1.1%
Q2 2026, one quarter
Average holding period
14.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2022), so positions held before then are understated.

13F filings by quarter

15 quarters, going back to Q4 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $178.4M (Q4 2025)

Q4 2022: $97.1MQ1 2023: $103.1MQ2 2023: $109.6MQ3 2023: $107.7MQ4 2023: $120.3MQ1 2024: $129.8MQ2 2024: $131.4MQ3 2024: $141.3MQ4 2024: $141.4MQ1 2025: $139.8MQ2 2025: $155.2MQ3 2025: $170.4MQ4 2025: $178.4MQ1 2026: $133.6MQ2 2026: $147.8M
Q4 2022Q2 2026
13F filings of RF&L Wealth Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 202650$147.8MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q1 2026SEC
Q1 2026Apr 14, 202652$133.6MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q4 2025SEC
Q4 2025Jan 9, 202662$178.4MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q3 2025SEC
Q3 2025Oct 8, 202560$170.4MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q2 2025SEC
Q2 2025Jul 7, 202559$155.2MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q1 2025SEC
Q1 2025Apr 21, 202558$139.8MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q4 2024SEC
Q4 2024Jan 15, 202557$141.4MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q3 2024SEC
Q3 2024Oct 16, 202458$141.3MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q2 2024SEC
Q2 2024Jul 19, 202456$131.4MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q1 2024SEC
Q1 2024Apr 30, 202456$129.8MDimensional U.S. Targeted Value ETFDimensional U.S. Core Equity 2 ETFDimensional ETF Trustvs. Q4 2023SEC
Q4 2023Feb 14, 202455$120.3MDimensional U.S. Targeted Value ETFDimensional ETF TrustDimensional U.S. Core Equity 2 ETFvs. Q3 2023SEC
Q3 2023Nov 2, 202353$107.7MDimensional U.S. Targeted Value ETFDimensional ETF TrustDimensional U.S. Core Equity 2 ETFvs. Q2 2023SEC
Q2 2023Jul 27, 202352$109.6MDimensional U.S. Targeted Value ETFDimensional ETF TrustDimensional U.S. Core Equity 2 ETFvs. Q1 2023SEC
Q1 2023May 4, 202350$103.1MDimensional U.S. Targeted Value ETFDimensional ETF TrustDimensional U.S. Core Equity 2 ETFvs. Q4 2022SEC
Q4 2022Feb 14, 202347$97.1MDimensional U.S. Targeted Value ETFDimensional ETF TrustDimensional U.S. Core Equity 2 ETF–SEC